REA, FCMB Urge Investment to Accelerate Nigeria’s Renewable Energy Transition

Kayode Tokede

Stakeholders at the Nigeria Renewable Energy Innovation Forum (NREIF) have called for stronger collaboration, innovation, and targeted investment to accelerate Nigeria’s transition toward renewable energy and sustainable power access for all.

Speaking at the event, Vice President Kashim Shettima underscored the importance of private sector participation in driving the nation’s energy transition. He urged stakeholders to adopt the “Nigeria First” policy by prioritising local content development and investments that promote homegrown renewable energy solutions.

“We are improving local manufacturing incentives, refining regulatory frameworks, and enhancing collaboration with state governments and investors to help de-risk private capital and accelerate the growth of a sustainable renewable energy market,” the Vice President stated.

Reinforcing this point, REA’s Managing Director and CEO, Abba Aliyu noted that Africa should not be overlooked in global energy transition discussions. He stressed that Nigeria’s abundant renewable resources, particularly solar, must translate into tangible industrial and economic gains.

“Africa has nearly 60 per cent of the world’s best solar resources but attracts less than three per cent of global renewable energy investment. The task ahead is clear: we must transform this advantage into a competitive edge by building industries, fostering innovation, and creating local value,” he said.

Adding private sector perspective, Divisional Head of Business Banking at First City Monument Bank (FCMB), George Ogbonnaya, highlighted the critical role of financial innovation and public-private collaboration in scaling renewable energy adoption.

“Nigeria’s renewable energy transition demands shared commitment. Unlocking over $400 million in investment will require strong government and private sector collaboration to expand access, accelerate local manufacturing, and strengthen energy infrastructure. At FCMB, financial innovation enables this collaboration and delivers reliable power to unserved and underserved communities.”

FCMB has supported the renewable energy value chain through project financing and capacity-building initiatives for developers and end-users.